CFA Level I Exam · Code of Ethics and Standards of Professional Conduct

Responsibilities as a CFA Institute Member or Candidate: Standard VII

Updated 7 October 2026 · Fact-checked

Standard VII has two parts. VII(A) says you must not act in a way that harms the integrity, reputation or validity of CFA Institute programs, for example by cheating or disclosing exam content. VII(B) says you must not misrepresent the CFA designation, program or CFA Institute. Solve questions by finding the act and matching it to A or B.

Understand Responsibilities as a CFA Institute Member or Candidate

Standard VII is the last standard in the Code of Ethics and Standards of Professional Conduct. It covers how you behave as a member or candidate toward CFA Institute and its programs. The other standards cover clients, employers and markets. This one covers the credential itself.

Standard VII(A), Conduct as Participants in CFA Institute Programs. The official wording says members and candidates must not engage in any conduct that compromises the reputation or integrity of CFA Institute or the CFA designation or the integrity, validity, or security of CFA Institute programs. Typical breaches are cheating on an exam, sharing or discussing confidential exam content, and bringing unauthorized materials or devices into the exam. Disclosing which topics were or were not tested also breaches the rule. Grading or exam-writing roles carry the same duty.

Standard VII(B), Reference to CFA Institute, the CFA Designation, and the CFA Program. The official wording says members and candidates must not misrepresent or exaggerate the meaning or implications of membership in CFA Institute, holding the CFA designation, or candidacy in the CFA Program. The core idea is accuracy. You may state the facts. You may not overstate what they mean, or promise results.

Some simple rules follow from this. The designation is used as letters after a name. A person is a charterholder only after meeting all requirements. A candidate is not a charterholder and must not suggest it. A candidate may say they are a candidate in the CFA Program, or that they have passed a level. They must not say they are "CFA Level II certified" or imply a partial designation. Do not claim that passing levels in consecutive years shows superior ability. Do not claim the designation guarantees superior performance or returns.

For the exam, treat this as a pattern-matching topic. Ask: is the act about the exam or program process (VII(A)), or about what someone says about the credential (VII(B))? Then check whether the statement is a plain fact or an exaggeration.

Key formulas to remember

Standard VII(A) in short: Do not compromise the integrity, validity or security of CFA Institute programs, or the reputation of CFA Institute or the designation; Applies to exam conduct, confidential exam content and any other program participation.
Standard VII(B) in short: Do not misrepresent or exaggerate the meaning or implications of membership, the designation or candidacy; Facts are fine. Guarantees, superiority claims and implied partial designations are not.
Candidate status wording: Say "candidate in the CFA Program" or state the level passed. Do not say "CFA Level II" as if it were a designation; Candidacy is not a designation, and there is no partial designation.
Designation use: Use the CFA letters after your name only once you are a charterholder; Do not use it before all requirements are met.

How to solve Responsibilities as a CFA Institute Member or Candidate questions

Use this method for any Standard VII question. It works because every item tests either exam conduct or accuracy of statements about the credential.

1Read the stem and identify the person: candidate, charterholder or non-member.
2Identify the exact act: taking an exam, sharing content, or making a statement or marketing claim.
3Decide the sub-standard: program conduct is VII(A), statements about membership, designation or candidacy are VII(B).
4For a statement, test it: is it a plain fact, or does it exaggerate, guarantee or imply a partial designation?
5For program conduct, ask whether it harms the integrity, validity or security of the program, such as disclosing exam content.
6Eliminate options that are too strong or add an extra claim, and pick the one that matches the Standard.

Quickest way: Fact or exaggeration filter

When to use it: Use when you have about 90 seconds and the stem describes a statement or a candidate's action.

Scan for the act: exam, content, brochure, résumé, introduction.
If it is about the exam or program, think VII(A) and ask whether confidentiality or security is hurt.
If it is about wording, look for red-flag words: guarantee, superior, better, partial designation, Level II certified.
Choose the option that states only verifiable facts, or the one that flags the breach.
With no penalty for wrong answers, never leave a question blank.

Common mistakes in Responsibilities as a CFA Institute Member or Candidate

Treating candidacy as a partial designation, such as saying someone is "CFA Level II".
Candidates feel proud of progress and the wording sounds natural.
Fix: Say "passed Level I" or "candidate in the CFA Program". There is no partial designation.
Thinking that telling friends which topics appeared on the exam is harmless.
It feels like general advice, not leaking content.
Fix: Disclosing what was or was not tested compromises exam security and breaches VII(A).
Believing that stating the designation guarantees better performance is acceptable marketing.
Many people confuse promoting a credential with describing it.
Fix: Under VII(B) you may describe it factually but may not promise or imply superior results.
Confusing VII(A) with VII(B), or citing only Standard I(D) Misconduct for exam cheating.
Both standards involve integrity, so the labels blur. Cheating is also dishonest, so I(D) can seem to fit.
Fix: Exam and program conduct is VII(A). Statements about the credential, such as membership, the designation or candidacy, are VII(B). Dishonest acts can also implicate I(D), but for exam-related conduct name VII(A).
Assuming a candidate who fails the exam breaches the Standards.
Students confuse exam results with conduct.
Fix: Failing is not a violation. Only conduct that compromises the program or misrepresentation breaches the Standard.

Worked examples

Example 1

Jordan Lee has passed Level I of the CFA examination and is currently registered for the next level. He prints on a business card: "Jordan Lee, passed Level I of the CFA examination; candidate in the CFA Program." He says nothing else. According to the Standards, is this use acceptable?

A. No, because candidates may not refer to the program on business cards.
B. Yes, because he is registered and states his candidacy and the level passed factually.
C. No, because he must wait until he passes all three levels to mention it.

Show the solution

Identify the act: a statement about candidacy, so VII(B).
Test the wording: it says he passed Level I and is a candidate in the program. He is registered for the next exam and has not yet completed all the requirements for the designation, so stating candidacy is accurate.
It does not claim the designation, a partial designation, or superior ability.
Eliminate A: nothing in the Standards bars factual reference to candidacy.
Eliminate C: waiting until all levels are passed is not required to state candidacy.

Answer: B. Factual reference to candidacy and to the level passed is consistent with Standard VII(B), because he is registered for the next exam and has not yet completed all requirements.

Example 2

After sitting the exam, a candidate posts in an online forum a list of the specific topics that were heavily tested and those that did not appear. Which Standard is most likely violated?

A. Standard VII(A), because the post compromises the integrity and security of the program.
B. Standard VII(B), because the post exaggerates the meaning of candidacy.
C. No Standard, because the post contains no actual questions.

Show the solution

Identify the act: sharing information about exam content, which is program conduct, not a statement about the credential.
That points to VII(A).
Disclosing which topics were or were not tested compromises exam security even without copying questions.
Eliminate B: the post does not describe candidacy or the designation.
Eliminate C: the absence of exact questions does not remove the breach.

Answer: A. The post breaches Standard VII(A).

Exam tips

Decide VII(A) or VII(B) first. Many wrong options are right facts under the wrong sub-standard.
Watch for words like guarantee, superior or Level II certified. They usually signal a VII(B) breach.
A plain factual statement about candidacy or the level passed is usually the correct, acceptable choice, provided the person is actually registered for a future exam and has not yet completed all requirements.
Disclosing exam content, even only topic coverage, is a VII(A) breach.
Use official wording from the Standard in your reasoning, and pick the option that matches it most exactly.

Practice questions from Code of Ethics and Standards of Professional Conduct

Responsibilities as a CFA Institute Member or Candidate: frequently asked questions

What does Standard VII(A) cover?

It covers conduct as a participant in CFA Institute programs. You must not compromise the reputation of CFA Institute or the designation, or the integrity, validity or security of the programs. Cheating and disclosing confidential exam content are standard examples.

Can I put CFA after my name if I have passed all three levels but have not yet been awarded the charter?

No. You are a candidate until you have met all requirements and are a charterholder. Until then, state accurately what you have completed, such as the levels passed.

How can a candidate correctly refer to the CFA Program in marketing?

You may state facts, such as being a candidate in the CFA Program or having passed a level. Do not claim a partial designation, guaranteed results, or superior ability because of the credential.

Is failing a CFA exam a breach of Standard VII?

No. Failing is not misconduct. A breach needs conduct that compromises the program or a misrepresentation about membership, the designation or candidacy.